Fidelity as a one stop shop

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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

mongstradamus wrote: Sat Sep 17, 2022 11:55 am
Leif wrote: Sat Sep 17, 2022 11:38 am
mongstradamus wrote: Sat Sep 17, 2022 6:12 am Has fidelity been a bit slow for money deposited recently I feel like before I used to be able to have deposits fully collected in a few days but now sends like it’s over a week for it to clear.
I also have noticed that. About 7 calendar days. I was seeing just a few days earlier in the year. Maybe now with higher rates they want to hold onto the money longer.
I am actually worried about actually investing the cash that’s not cleared yet , they warn you about good faith violations. Even though the amount you invested is part of the cash available to invest confusing to me
No problem in investing settled money. That is usually the next day after a deposit. I usually move that to a higher yielding money market or a T-Bill. By cleared I thought you meant money available to withdraw.
mongstradamus
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Re: Fidelity as a one stop shop

Post by mongstradamus »

Leif wrote: Sat Sep 17, 2022 12:41 pm
mongstradamus wrote: Sat Sep 17, 2022 11:55 am
Leif wrote: Sat Sep 17, 2022 11:38 am
mongstradamus wrote: Sat Sep 17, 2022 6:12 am Has fidelity been a bit slow for money deposited recently I feel like before I used to be able to have deposits fully collected in a few days but now sends like it’s over a week for it to clear.
I also have noticed that. About 7 calendar days. I was seeing just a few days earlier in the year. Maybe now with higher rates they want to hold onto the money longer.
I am actually worried about actually investing the cash that’s not cleared yet , they warn you about good faith violations. Even though the amount you invested is part of the cash available to invest confusing to me
No problem in investing settled money. That is usually the next day after a deposit. I usually move that to a higher yielding money market or a T-Bill. By cleared I thought you meant money available to withdraw.
Sorry if I wasn’t clear money available to be withdrawn should be same amount as your settled cash , am I correct in that assumption ?

I meant the uncollected amount that was triggering good faith violation that’s what I was worried about but sounds like nothing to get worried about
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

mongstradamus wrote: Sat Sep 17, 2022 1:07 pm Sorry if I wasn’t clear money available to be withdrawn should be same amount as your settled cash , am I correct in that assumption ?
No.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

mongstradamus wrote: Sat Sep 17, 2022 11:55 amI am actually worried about actually investing the cash that’s not cleared yet , they warn you about good faith violations. Even though the amount you invested is part of the cash available to invest confusing to me.
It's a good faith violation only if you sell the investment before the cash clears. If you did, you'd potentially be making a profit on assets that weren't yours in the first place, because Fidelity never got the cash. Conceivably, you could reinvest the same (non-existent) money multiple times if trading frequently.
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

careerdata wrote: Sun Sep 04, 2022 3:13 pm
JoMoney wrote: Sun Sep 04, 2022 9:04 am
Laundry_Service wrote: Sun Sep 04, 2022 8:30 am
careerdata wrote: Sat Aug 27, 2022 9:01 pm
Thank you! I just checked on the Fidelity mobile app and it shows both withdrawals for $23.00 each cleared the very next day (8/23). Since it was a test, I saved the receipts and they show the following:

Withdrawal from Checking (the Fidelity CMA) = $20.00
ATM Owner Fee = $3.00
Total Amount = $23.00

The ATM we used was the BoA ATM right outside their bank, which is just 10 minutes away from where we live.

I will give Fidelity a call tomorrow to see if they can research further.

Joe
It's been a while, but I don't think the ATM rebates happen until the end of the month and you'll get a batch of fee rebates at once.
It shouldn't take a month, and they don't show up as a bulk transaction. The rebates should show up in a day or two as soon as the transaction is finished processing.
When you do an ATM withdrawal the transaction will show up as "processing" immediately (and the amount will no longer be available for withdrawal), a day or two later the transaction will show up with more detail and no longer say "processing", and each ATM fee rebate (if any) will show up as a separate credit.
Thank you all! I did finally call Fidelity yesterday afternoon and the Fidelity rep reviewed our two transactions and agreed something did not look correct. He opened a ticket with the internal group that handles the debit cards and felt, factoring in the holiday tomorrow, that the likely resolution should be by Thursday. He suggested I call back if I don't see the two $3 ATM rebates in the account Friday morning. He did not think my wife or I did anything wrong but he could not explain why a rebate was not yet processed.

Joe
Update on our ATM fee reimbursement experience as of 9-17-22:

--Fidelity processed a manual journal entry for two $3.00 BoA ATM Owner Fees, so we are now made whole for those two initial ATM tests on 8-21-22 with the new Fidelity CMA and overdraft to our existing Fidelity brokerage account.
--On 9-8-22 my wife did another test at the same BoA ATM for $60.00 with a $3.00 ATM Owner Fee for a total of $63.00. As of this morning, the ATM Owner Fee has not been reimbursed to our Fidelity CMA and, according to Fidelity, the soonest I might expect to see it hit our Fidelity CMA is at the end of this month. I know others have experienced much faster ATM fee reimbursements, but the Fidelity rep said that is not to be expected, and that the ATM fee reimbursements are intended to be processed as periodic batches on different cycles according to the notes he was referencing.
--If I don't see reimbursement of the $3.00 ATM Owner Fee for the 9=8-22 transaction by the end of the first week in October then I am supposed to contact Fidelity again.

I do not use an ATM at all in a normal month, and my wife uses an ATM on average 2 to 3 times a month, so this is not a large concern, but I will watch it just to make sure the reimbursements will process without me always having to ask for manual intervention and a journal entry by Fidelity. The Fidelity rep reaffirmed after another review two days ago that our Fidelity CMA and Fidelity brokerage accounts are set up correctly and that there is nothing unusual with our BoA ATM transactions. I guess this is one of those "YMMV" situations.

Joe
HomeStretch
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Re: Fidelity as a one stop shop

Post by HomeStretch »

careerdata wrote: Sat Sep 17, 2022 2:38 pm Update on our ATM fee reimbursement experience as of 9-17-22:

--Fidelity processed a manual journal entry for two $3.00 BoA ATM Owner Fees, so we are now made whole for those two initial ATM tests on 8-21-22 with the new Fidelity CMA and overdraft to our existing Fidelity brokerage account.
--On 9-8-22 my wife did another test at the same BoA ATM for $60.00 with a $3.00 ATM Owner Fee for a total of $63.00. As of this morning, the ATM Owner Fee has not been reimbursed to our Fidelity CMA and, according to Fidelity, the soonest I might expect to see it hit our Fidelity CMA is at the end of this month. I know others have experienced much faster ATM fee reimbursements, but the Fidelity rep said that is not to be expected, and that the ATM fee reimbursements are intended to be processed as periodic batches on different cycles according to the notes he was referencing.
--If I don't see reimbursement of the $3.00 ATM Owner Fee for the 9=8-22 transaction by the end of the first week in October then I am supposed to contact Fidelity again.

I do not use an ATM at all in a normal month, and my wife uses an ATM on average 2 to 3 times a month, so this is not a large concern, but I will watch it just to make sure the reimbursements will process without me always having to ask for manual intervention and a journal entry by Fidelity. The Fidelity rep reaffirmed after another review two days ago that our Fidelity CMA and Fidelity brokerage accounts are set up correctly and that there is nothing unusual with our BoA ATM transactions. I guess this is one of those "YMMV" situations.

Joe
As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
arf30
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Re: Fidelity as a one stop shop

Post by arf30 »

I usually see backdated ATM refunds within 2-3 business days, but some ATMs don't report the fee separately and Fidelity (and other banks who do refunds) has trouble detecting those.
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

HomeStretch wrote: Sat Sep 17, 2022 2:51 pm
careerdata wrote: Sat Sep 17, 2022 2:38 pm Update on our ATM fee reimbursement experience as of 9-17-22:

--Fidelity processed a manual journal entry for two $3.00 BoA ATM Owner Fees, so we are now made whole for those two initial ATM tests on 8-21-22 with the new Fidelity CMA and overdraft to our existing Fidelity brokerage account.
--On 9-8-22 my wife did another test at the same BoA ATM for $60.00 with a $3.00 ATM Owner Fee for a total of $63.00. As of this morning, the ATM Owner Fee has not been reimbursed to our Fidelity CMA and, according to Fidelity, the soonest I might expect to see it hit our Fidelity CMA is at the end of this month. I know others have experienced much faster ATM fee reimbursements, but the Fidelity rep said that is not to be expected, and that the ATM fee reimbursements are intended to be processed as periodic batches on different cycles according to the notes he was referencing.
--If I don't see reimbursement of the $3.00 ATM Owner Fee for the 9=8-22 transaction by the end of the first week in October then I am supposed to contact Fidelity again.

I do not use an ATM at all in a normal month, and my wife uses an ATM on average 2 to 3 times a month, so this is not a large concern, but I will watch it just to make sure the reimbursements will process without me always having to ask for manual intervention and a journal entry by Fidelity. The Fidelity rep reaffirmed after another review two days ago that our Fidelity CMA and Fidelity brokerage accounts are set up correctly and that there is nothing unusual with our BoA ATM transactions. I guess this is one of those "YMMV" situations.

Joe
As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

careerdata wrote: Sat Sep 17, 2022 3:31 pm
HomeStretch wrote: Sat Sep 17, 2022 2:51 pm
careerdata wrote: Sat Sep 17, 2022 2:38 pm Update on our ATM fee reimbursement experience as of 9-17-22:

--Fidelity processed a manual journal entry for two $3.00 BoA ATM Owner Fees, so we are now made whole for those two initial ATM tests on 8-21-22 with the new Fidelity CMA and overdraft to our existing Fidelity brokerage account.
--On 9-8-22 my wife did another test at the same BoA ATM for $60.00 with a $3.00 ATM Owner Fee for a total of $63.00. As of this morning, the ATM Owner Fee has not been reimbursed to our Fidelity CMA and, according to Fidelity, the soonest I might expect to see it hit our Fidelity CMA is at the end of this month. I know others have experienced much faster ATM fee reimbursements, but the Fidelity rep said that is not to be expected, and that the ATM fee reimbursements are intended to be processed as periodic batches on different cycles according to the notes he was referencing.
--If I don't see reimbursement of the $3.00 ATM Owner Fee for the 9=8-22 transaction by the end of the first week in October then I am supposed to contact Fidelity again.

I do not use an ATM at all in a normal month, and my wife uses an ATM on average 2 to 3 times a month, so this is not a large concern, but I will watch it just to make sure the reimbursements will process without me always having to ask for manual intervention and a journal entry by Fidelity. The Fidelity rep reaffirmed after another review two days ago that our Fidelity CMA and Fidelity brokerage accounts are set up correctly and that there is nothing unusual with our BoA ATM transactions. I guess this is one of those "YMMV" situations.

Joe
As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
tj
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Joined: Wed Dec 23, 2009 11:10 pm

Re: Fidelity as a one stop shop

Post by tj »

anon_investor wrote: Sat Sep 17, 2022 3:50 pm
careerdata wrote: Sat Sep 17, 2022 3:31 pm
HomeStretch wrote: Sat Sep 17, 2022 2:51 pm
careerdata wrote: Sat Sep 17, 2022 2:38 pm Update on our ATM fee reimbursement experience as of 9-17-22:

--Fidelity processed a manual journal entry for two $3.00 BoA ATM Owner Fees, so we are now made whole for those two initial ATM tests on 8-21-22 with the new Fidelity CMA and overdraft to our existing Fidelity brokerage account.
--On 9-8-22 my wife did another test at the same BoA ATM for $60.00 with a $3.00 ATM Owner Fee for a total of $63.00. As of this morning, the ATM Owner Fee has not been reimbursed to our Fidelity CMA and, according to Fidelity, the soonest I might expect to see it hit our Fidelity CMA is at the end of this month. I know others have experienced much faster ATM fee reimbursements, but the Fidelity rep said that is not to be expected, and that the ATM fee reimbursements are intended to be processed as periodic batches on different cycles according to the notes he was referencing.
--If I don't see reimbursement of the $3.00 ATM Owner Fee for the 9=8-22 transaction by the end of the first week in October then I am supposed to contact Fidelity again.

I do not use an ATM at all in a normal month, and my wife uses an ATM on average 2 to 3 times a month, so this is not a large concern, but I will watch it just to make sure the reimbursements will process without me always having to ask for manual intervention and a journal entry by Fidelity. The Fidelity rep reaffirmed after another review two days ago that our Fidelity CMA and Fidelity brokerage accounts are set up correctly and that there is nothing unusual with our BoA ATM transactions. I guess this is one of those "YMMV" situations.

Joe
As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
Can you transfer the FSIXX from merrill to fidelity and keep it/add to it?
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

arf30 wrote: Sat Sep 17, 2022 3:02 pm I usually see backdated ATM refunds within 2-3 business days, but some ATMs don't report the fee separately and Fidelity (and other banks who do refunds) has trouble detecting those.
Thank you for sharing! I have been keeping the ATM receipts in case that was a possible explanation but so far all three BoA ATM withdrawals had the "ATM Owner Fee" of $3.00 itemized from the actual withdrawal amount.

Very interesting that you and several others also get the ATM fee reimbursements backdated to the withdrawal date. My wife has to make another ATM withdrawal this week for the cash needed to send her Balikbayan boxes to the Philippines so we are going to try either another BoA ATM or perhaps a non-BoA ATM nearby to see if we get a different result.

Joe
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

anon_investor wrote: Sat Sep 17, 2022 3:50 pm
careerdata wrote: Sat Sep 17, 2022 3:31 pm
HomeStretch wrote: Sat Sep 17, 2022 2:51 pm
careerdata wrote: Sat Sep 17, 2022 2:38 pm Update on our ATM fee reimbursement experience as of 9-17-22:

--Fidelity processed a manual journal entry for two $3.00 BoA ATM Owner Fees, so we are now made whole for those two initial ATM tests on 8-21-22 with the new Fidelity CMA and overdraft to our existing Fidelity brokerage account.
--On 9-8-22 my wife did another test at the same BoA ATM for $60.00 with a $3.00 ATM Owner Fee for a total of $63.00. As of this morning, the ATM Owner Fee has not been reimbursed to our Fidelity CMA and, according to Fidelity, the soonest I might expect to see it hit our Fidelity CMA is at the end of this month. I know others have experienced much faster ATM fee reimbursements, but the Fidelity rep said that is not to be expected, and that the ATM fee reimbursements are intended to be processed as periodic batches on different cycles according to the notes he was referencing.
--If I don't see reimbursement of the $3.00 ATM Owner Fee for the 9=8-22 transaction by the end of the first week in October then I am supposed to contact Fidelity again.

I do not use an ATM at all in a normal month, and my wife uses an ATM on average 2 to 3 times a month, so this is not a large concern, but I will watch it just to make sure the reimbursements will process without me always having to ask for manual intervention and a journal entry by Fidelity. The Fidelity rep reaffirmed after another review two days ago that our Fidelity CMA and Fidelity brokerage accounts are set up correctly and that there is nothing unusual with our BoA ATM transactions. I guess this is one of those "YMMV" situations.

Joe
As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
That is great! So did you move all of TOIXX in Merrill Edge (ME) to FSIXX to get the extra 7 basis points of yield between the two? Were there any holding period requirements as we have only had our emergency funds invested in TOIXX for about a month or so?

Joe
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

careerdata wrote: Sat Sep 17, 2022 5:37 pm
anon_investor wrote: Sat Sep 17, 2022 3:50 pm
careerdata wrote: Sat Sep 17, 2022 3:31 pm
HomeStretch wrote: Sat Sep 17, 2022 2:51 pm
careerdata wrote: Sat Sep 17, 2022 2:38 pm Update on our ATM fee reimbursement experience as of 9-17-22:

--Fidelity processed a manual journal entry for two $3.00 BoA ATM Owner Fees, so we are now made whole for those two initial ATM tests on 8-21-22 with the new Fidelity CMA and overdraft to our existing Fidelity brokerage account.
--On 9-8-22 my wife did another test at the same BoA ATM for $60.00 with a $3.00 ATM Owner Fee for a total of $63.00. As of this morning, the ATM Owner Fee has not been reimbursed to our Fidelity CMA and, according to Fidelity, the soonest I might expect to see it hit our Fidelity CMA is at the end of this month. I know others have experienced much faster ATM fee reimbursements, but the Fidelity rep said that is not to be expected, and that the ATM fee reimbursements are intended to be processed as periodic batches on different cycles according to the notes he was referencing.
--If I don't see reimbursement of the $3.00 ATM Owner Fee for the 9=8-22 transaction by the end of the first week in October then I am supposed to contact Fidelity again.

I do not use an ATM at all in a normal month, and my wife uses an ATM on average 2 to 3 times a month, so this is not a large concern, but I will watch it just to make sure the reimbursements will process without me always having to ask for manual intervention and a journal entry by Fidelity. The Fidelity rep reaffirmed after another review two days ago that our Fidelity CMA and Fidelity brokerage accounts are set up correctly and that there is nothing unusual with our BoA ATM transactions. I guess this is one of those "YMMV" situations.

Joe
As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
That is great! So did you move all of TOIXX in Merrill Edge (ME) to FSIXX to get the extra 7 basis points of yield between the two? Were there any holding period requirements as we have only had our emergency funds invested in TOIXX for about a month or so?

Joe
No holding period, yes I sold TOIXX and bought FSIXX the next day. FSIXX is also fully exempt from state/local income tax, so for me the after tax yield is better than TOIXX by about 21+ basis points plus it is actually safer being all US treasury debt and no repos. When I initially bought TOIXX it was paying more after tax than FSIXX by quite a bit. I am keeping a portion of my emergency fund at Merrill Edge in FSIXX. Some of my emergency fund is in autorolled T-Bills in my Fido brokerage, but a large portion is in I Bonds.
careerdata
Posts: 332
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Re: Fidelity as a one stop shop

Post by careerdata »

anon_investor wrote: Sat Sep 17, 2022 5:45 pm
careerdata wrote: Sat Sep 17, 2022 5:37 pm
anon_investor wrote: Sat Sep 17, 2022 3:50 pm
careerdata wrote: Sat Sep 17, 2022 3:31 pm
HomeStretch wrote: Sat Sep 17, 2022 2:51 pm

As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
That is great! So did you move all of TOIXX in Merrill Edge (ME) to FSIXX to get the extra 7 basis points of yield between the two? Were there any holding period requirements as we have only had our emergency funds invested in TOIXX for about a month or so?

Joe
No holding period, yes I sold TOIXX and bought FSIXX the next day. FSIXX is also fully exempt from state/local income tax, so for me the after tax yield is better than TOIXX by about 21+ basis points plus it is actually safer being all US treasury debt and no repos. When I initially bought TOIXX it was paying more after tax than FSIXX by quite a bit. I am keeping a portion of my emergency fund at Merrill Edge in FSIXX. Some of my emergency fund is in autorolled T-Bills in my Fido brokerage, but a large portion is in I Bonds.
That does sound like a much better option! We live in Missouri so I had not been factoring in the Missouri state income tax component. Is there a minimum initial investment for FSIXX at Merril that is much lower than the Fidelity $1 million minimum? We have $50k now in TOIXX at Merril to get our average daily balance up for the BoA Platinum rewards level but would an I Bond investment count towards meeting that rewards level? We don't have any I Bonds yet but I made my first post in the I Bond mega thread today to start my learning curve! No T-Bills yet either but I will try to learn more about that as well as we hope to be in a better position next year with regard to money available for additional savings.

Joe
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abuss368
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Re: Fidelity as a one stop shop

Post by abuss368 »

BogleMelon wrote: Sat Dec 15, 2018 8:33 pm I am thinking of moving my Roth (currently at Vanguard), Charles Schwab checking and Ally saving all to Fidelity to simplify my life.
My 3 questions are:
1- How to do such setup in Fido to maintain the same privileges as Charles and Ally? In other words how to have an alternative to checking with all the free ATM's, salary deposit..etc and earn interest in the same time with a simple setup?
2- What things I have to keep in mind to roll my Roth IRA's? (Am I limited to certain amount of rollovers per year for example?)
3- Is there any disadvantage to this setup vs my current one?

Thanks!
I am reading Jack Brennan’s “Straight Talk on Investing”, updated. Love it. Jack mentioned that one of the things he was happy to see was Vanguard discontinuing the banking feature - Vanguard Advantage. While he enjoyed the convenience and simplicity, it involved him logging into the website frequently for banking purposes and seeing essentially his net worth. During time of market duress this would result in stress. Since this has been removed he is more relaxed.

I can relate. Many years ago we had everything with E*Trade. Logging in would result in stressing over the markets.

Sometimes it is the little things to consider that could impact the big things.

Best.
Tony
John C. Bogle: “Simplicity is the master key to financial success."
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

careerdata wrote: Sat Sep 17, 2022 7:03 pm
anon_investor wrote: Sat Sep 17, 2022 5:45 pm
careerdata wrote: Sat Sep 17, 2022 5:37 pm
anon_investor wrote: Sat Sep 17, 2022 3:50 pm
careerdata wrote: Sat Sep 17, 2022 3:31 pm

Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
That is great! So did you move all of TOIXX in Merrill Edge (ME) to FSIXX to get the extra 7 basis points of yield between the two? Were there any holding period requirements as we have only had our emergency funds invested in TOIXX for about a month or so?

Joe
No holding period, yes I sold TOIXX and bought FSIXX the next day. FSIXX is also fully exempt from state/local income tax, so for me the after tax yield is better than TOIXX by about 21+ basis points plus it is actually safer being all US treasury debt and no repos. When I initially bought TOIXX it was paying more after tax than FSIXX by quite a bit. I am keeping a portion of my emergency fund at Merrill Edge in FSIXX. Some of my emergency fund is in autorolled T-Bills in my Fido brokerage, but a large portion is in I Bonds.
That does sound like a much better option! We live in Missouri so I had not been factoring in the Missouri state income tax component. Is there a minimum initial investment for FSIXX at Merril that is much lower than the Fidelity $1 million minimum? We have $50k now in TOIXX at Merril to get our average daily balance up for the BoA Platinum rewards level but would an I Bond investment count towards meeting that rewards level? We don't have any I Bonds yet but I made my first post in the I Bond mega thread today to start my learning curve! No T-Bills yet either but I will try to learn more about that as well as we hope to be in a better position next year with regard to money available for additional savings.

Joe
At ME, FSIXX requires only $1k for the initial purchase, just like TOIXX.

Wish I could get FSIXX at Fido.
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Re: Fidelity as a one stop shop

Post by tj »

careerdata wrote: Sat Sep 17, 2022 7:03 pm
anon_investor wrote: Sat Sep 17, 2022 5:45 pm
careerdata wrote: Sat Sep 17, 2022 5:37 pm
anon_investor wrote: Sat Sep 17, 2022 3:50 pm
careerdata wrote: Sat Sep 17, 2022 3:31 pm

Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
That is great! So did you move all of TOIXX in Merrill Edge (ME) to FSIXX to get the extra 7 basis points of yield between the two? Were there any holding period requirements as we have only had our emergency funds invested in TOIXX for about a month or so?

Joe
No holding period, yes I sold TOIXX and bought FSIXX the next day. FSIXX is also fully exempt from state/local income tax, so for me the after tax yield is better than TOIXX by about 21+ basis points plus it is actually safer being all US treasury debt and no repos. When I initially bought TOIXX it was paying more after tax than FSIXX by quite a bit. I am keeping a portion of my emergency fund at Merrill Edge in FSIXX. Some of my emergency fund is in autorolled T-Bills in my Fido brokerage, but a large portion is in I Bonds.
That does sound like a much better option! We live in Missouri so I had not been factoring in the Missouri state income tax component. Is there a minimum initial investment for FSIXX at Merril that is much lower than the Fidelity $1 million minimum? We have $50k now in TOIXX at Merril to get our average daily balance up for the BoA Platinum rewards level but would an I Bond investment count towards meeting that rewards level? We don't have any I Bonds yet but I made my first post in the I Bond mega thread today to start my learning curve! No T-Bills yet either but I will try to learn more about that as well as we hope to be in a better position next year with regard to money available for additional savings.

Joe
No, I bonds are not going to count for bank of America preferred rewards, you can't buy I bonds anywhere except Treasury direct.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

tj wrote: Sat Sep 17, 2022 4:27 pm
anon_investor wrote: Sat Sep 17, 2022 3:50 pm
careerdata wrote: Sat Sep 17, 2022 3:31 pm
HomeStretch wrote: Sat Sep 17, 2022 2:51 pm
careerdata wrote: Sat Sep 17, 2022 2:38 pm Update on our ATM fee reimbursement experience as of 9-17-22:

--Fidelity processed a manual journal entry for two $3.00 BoA ATM Owner Fees, so we are now made whole for those two initial ATM tests on 8-21-22 with the new Fidelity CMA and overdraft to our existing Fidelity brokerage account.
--On 9-8-22 my wife did another test at the same BoA ATM for $60.00 with a $3.00 ATM Owner Fee for a total of $63.00. As of this morning, the ATM Owner Fee has not been reimbursed to our Fidelity CMA and, according to Fidelity, the soonest I might expect to see it hit our Fidelity CMA is at the end of this month. I know others have experienced much faster ATM fee reimbursements, but the Fidelity rep said that is not to be expected, and that the ATM fee reimbursements are intended to be processed as periodic batches on different cycles according to the notes he was referencing.
--If I don't see reimbursement of the $3.00 ATM Owner Fee for the 9=8-22 transaction by the end of the first week in October then I am supposed to contact Fidelity again.

I do not use an ATM at all in a normal month, and my wife uses an ATM on average 2 to 3 times a month, so this is not a large concern, but I will watch it just to make sure the reimbursements will process without me always having to ask for manual intervention and a journal entry by Fidelity. The Fidelity rep reaffirmed after another review two days ago that our Fidelity CMA and Fidelity brokerage accounts are set up correctly and that there is nothing unusual with our BoA ATM transactions. I guess this is one of those "YMMV" situations.

Joe
As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
Can you transfer the FSIXX from merrill to fidelity and keep it/add to it?
Never tried that. Do brokerages even allow you to transfer money market funds in-kind? I think when you transfer some Vanguard mutual funds to other brokerages you can only have the investor share class not the admiral share class.
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Re: Fidelity as a one stop shop

Post by tj »

anon_investor wrote: Sat Sep 17, 2022 8:46 pm
tj wrote: Sat Sep 17, 2022 4:27 pm
anon_investor wrote: Sat Sep 17, 2022 3:50 pm
careerdata wrote: Sat Sep 17, 2022 3:31 pm
HomeStretch wrote: Sat Sep 17, 2022 2:51 pm

As a data point -

I just did my first withdrawal from a new Fidelity CMA using a BoA ATM. The withdrawal amount posted included a $3 ATM fee. A $3 reimbursement credit was automatically processed by the afternoon of the next business day. The credit was backdated to the prior business day (i.e., the date of the actual withdrawal).

Not sure which of our differing experiences is typical for a Fidelity CMA.
Thank you for sharing! We do not fund our Fidelity CMA and instead have our two paychecks directly deposited into our Fidelity brokerage account. We have the overdraft option set up for the CMA to pull from the brokerage account and pay our credit cards, rent, student loan, and utilities from the CMA. Everything else has been working seamlessly, so overall we are VERY happy with the change we made in banking along with immediately investing our paychecks into SPRXX, with both paychecks now appearing one day earlier in the account than when we had them directly deposited to our BoA checking account. Could the ATM reimbursement delay issue possibly be due to the fact that we don't fund our CMA?

Joe
Glad to hear the CMA is working out for you. I switched over to using Fido CMA as my main checking last month using SPRXX too (it currently pays 2.11%), paying all of my mortgage and CC bills from it. I have some T-Bills in my Fido brokerage and I have a month worth of expenses in FSIXX (institutional share class of Fidelity treasury only money market fund) at Merrill Edge, which currently is at 2.25%. I don't have the $1 million initial investment necessary to get FSIXX at Fido. :shock:
Can you transfer the FSIXX from merrill to fidelity and keep it/add to it?
Never tried that. Do brokerages even allow you to transfer money market funds in-kind? I think when you transfer some Vanguard mutual funds to other brokerages you can only have the investor share class not the admiral share class.
If you transfer form vanguard to somewhere else, they aren't going to convert your share class. Maybe you won't be able to buy more, or maybe they liquidate. 🤷🏻‍♂️
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

anon_investor wrote: Sat Sep 17, 2022 8:26 pm
At ME, FSIXX requires only $1k for the initial purchase, just like TOIXX.

Wish I could get FSIXX at Fido.
That is great! I wonder how Merrill can offer it with such a low relative minimum compared to Fidelity? It seems counter-intuitive at face value, but I can't see any negatives from making a change from TOIXX to FSIXX.

Joe
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Re: Fidelity as a one stop shop

Post by careerdata »

tj wrote: Sat Sep 17, 2022 8:38 pm
No, I bonds are not going to count for bank of America preferred rewards, you can't buy I bonds anywhere except Treasury direct.
Thanks for clarifying! I will have to see if perhaps allocating some of our $50k of emergency savings at Merril to Treasury Direct, and then using either BoA or Fidelity to set those up, makes sense for us. I would like to get some experience with I Bonds so I will keep reading following the mega I Bond thread and reading the articles on I Bonds from Harry Sit that have been recommended.

Maybe taking $20k of the $50k and doing $10k for my wife and $10k for me would be a good test to see how it all works. We will be able to replenish the Merrill account over the next year from our paychecks and, hopefully, my company's annual bonus pays out close to the historical average. Does it make a big difference using BoA or Fidelity to connect to Treasury Direct? Maybe, now that all our banking is with the Fidelity CMA, we should use that account for the I Bond purchases, assuming the overdraft feature would pull from our Fidelity brokerage account for the required $20k.

Joe
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Re: Fidelity as a one stop shop

Post by anon_investor »

careerdata wrote: Sat Sep 17, 2022 9:55 pm
tj wrote: Sat Sep 17, 2022 8:38 pm
No, I bonds are not going to count for bank of America preferred rewards, you can't buy I bonds anywhere except Treasury direct.
Thanks for clarifying! I will have to see if perhaps allocating some of our $50k of emergency savings at Merril to Treasury Direct, and then using either BoA or Fidelity to set those up, makes sense for us. I would like to get some experience with I Bonds so I will keep reading following the mega I Bond thread and reading the articles on I Bonds from Harry Sit that have been recommended.

Maybe taking $20k of the $50k and doing $10k for my wife and $10k for me would be a good test to see how it all works. We will be able to replenish the Merrill account over the next year from our paychecks and, hopefully, my company's annual bonus pays out close to the historical average. Does it make a big difference using BoA or Fidelity to connect to Treasury Direct? Maybe, now that all our banking is with the Fidelity CMA, we should use that account for the I Bond purchases, assuming the overdraft feature would pull from our Fidelity brokerage account for the required $20k.

Joe
You can always add additional bank accounts to Treasury Direct after opening, though you need a signature guarantee on a paper form.
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Re: Fidelity as a one stop shop

Post by nonnie »

careerdata wrote: Sat Sep 17, 2022 9:55 pm
tj wrote: Sat Sep 17, 2022 8:38 pm
No, I bonds are not going to count for bank of America preferred rewards, you can't buy I bonds anywhere except Treasury direct.
Does it make a big difference using BoA or Fidelity to connect to Treasury Direct? Maybe, now that all our banking is with the Fidelity CMA, we should use that account for the I Bond purchases, assuming the overdraft feature would pull from our Fidelity brokerage account for the required $20k.

Joe
It's always a lot easier if the bank account you connected to Treasury Direct is one you intend to have until you cash in the IBonds to avoid the necessity for signature guarantees. I started with Bank of America and although I've switched almost everything to Fidelity, I still keep the Bank of America account open. OTOH, if you link to Fidelity you can pretty much be guaranteed a medallion signature guarantee from Bank of America.
careerdata
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Re: Fidelity as a one stop shop

Post by careerdata »

nonnie wrote: Sat Sep 17, 2022 11:56 pm
careerdata wrote: Sat Sep 17, 2022 9:55 pm
tj wrote: Sat Sep 17, 2022 8:38 pm
No, I bonds are not going to count for bank of America preferred rewards, you can't buy I bonds anywhere except Treasury direct.
Does it make a big difference using BoA or Fidelity to connect to Treasury Direct? Maybe, now that all our banking is with the Fidelity CMA, we should use that account for the I Bond purchases, assuming the overdraft feature would pull from our Fidelity brokerage account for the required $20k.

Joe
It's always a lot easier if the bank account you connected to Treasury Direct is one you intend to have until you cash in the IBonds to avoid the necessity for signature guarantees. I started with Bank of America and although I've switched almost everything to Fidelity, I still keep the Bank of America account open. OTOH, if you link to Fidelity you can pretty much be guaranteed a medallion signature guarantee from Bank of America.
Thank you to you and anon-investor for your suggestions! I think we will keep both BoA and Fidelity for the long-term but if we started with the Fidelity CMA as the initial bank account are there any issues with having the CMA with no funding and the overdraft set up to pull from our Fidelity brokerage account, where we have both our paychecks directly deposited to?

We have the banking EFT connection currently set up between our BoA checking account and our Fidelity brokerage account, so I think it would be relatively straightforward to move $20k from the $50k that we have with Merrill Edge to our BoA checking, and then push the $20k to our Fidelity brokerage account, with the hope that the overdraft feature in the Fidelity CMA would pull the $20k from the Fidelity brokerage account when we purchase the I Bonds. My wife said she was O.K. with us not getting to the Platinum level just yet on the BoA rewards program, with the goal to get there in the future, in order for us to get some experience with I Bonds.

Or does Treasury Direct not like working with CMA accounts such that it be better to link the Fidelity brokerage account instead of the CMA, since that is where the money to pay for the I Bonds, and where the funds when the bonds are ultimately redeemed, would go anyways?

Joe
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

careerdata wrote: Sun Sep 18, 2022 2:55 pm
Thank you to you and anon-investor for your suggestions! I think we will keep both BoA and Fidelity for the long-term but if we started with the Fidelity CMA as the initial bank account are there any issues with having the CMA with no funding and the overdraft set up to pull from our Fidelity brokerage account, where we have both our paychecks directly deposited to?

We have the banking EFT connection currently set up between our BoA checking account and our Fidelity brokerage account, so I think it would be relatively straightforward to move $20k from the $50k that we have with Merrill Edge to our BoA checking, and then push the $20k to our Fidelity brokerage account, with the hope that the overdraft feature in the Fidelity CMA would pull the $20k from the Fidelity brokerage account when we purchase the I Bonds. My wife said she was O.K. with us not getting to the Platinum level just yet on the BoA rewards program, with the goal to get there in the future, in order for us to get some experience with I Bonds.

Or does Treasury Direct not like working with CMA accounts such that it be better to link the Fidelity brokerage account instead of the CMA, since that is where the money to pay for the I Bonds, and where the funds when the bonds are ultimately redeemed, would go anyways?

Joe
You certainly can link your Fidelity brokerage to the Treasury Direct account. I do not see any benefit of using an intermediate CMA account. For ACH transfers both Fidelity brokerage and CMA are treated as checking accounts.
I personally use a brokerage account for the bulk of cash management activity (direct deposit, bill pay, direct debit) and CMA only for ATM, check writing and fintech apps.
I would connect the Fidelity account to Treasury Direct because you can keep your Fidelity account as long as you want while you have to maintain a minimum balance (or direct deposit) at the BoA checking account.
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Re: Fidelity as a one stop shop

Post by careerdata »

VictorStarr wrote: Sun Sep 18, 2022 3:31 pm
careerdata wrote: Sun Sep 18, 2022 2:55 pm
Thank you to you and anon-investor for your suggestions! I think we will keep both BoA and Fidelity for the long-term but if we started with the Fidelity CMA as the initial bank account are there any issues with having the CMA with no funding and the overdraft set up to pull from our Fidelity brokerage account, where we have both our paychecks directly deposited to?

We have the banking EFT connection currently set up between our BoA checking account and our Fidelity brokerage account, so I think it would be relatively straightforward to move $20k from the $50k that we have with Merrill Edge to our BoA checking, and then push the $20k to our Fidelity brokerage account, with the hope that the overdraft feature in the Fidelity CMA would pull the $20k from the Fidelity brokerage account when we purchase the I Bonds. My wife said she was O.K. with us not getting to the Platinum level just yet on the BoA rewards program, with the goal to get there in the future, in order for us to get some experience with I Bonds.

Or does Treasury Direct not like working with CMA accounts such that it be better to link the Fidelity brokerage account instead of the CMA, since that is where the money to pay for the I Bonds, and where the funds when the bonds are ultimately redeemed, would go anyways?

Joe
You certainly can link your Fidelity brokerage to the Treasury Direct account. I do not see any benefit of using an intermediate CMA account. For ACH transfers both Fidelity brokerage and CMA are treated as checking accounts.
I personally use a brokerage account for the bulk of cash management activity (direct deposit, bill pay, direct debit) and CMA only for ATM, check writing and fintech apps.
I would connect the Fidelity account to Treasury Direct because you can keep your Fidelity account as long as you want while you have to maintain a minimum balance (or direct deposit) at the BoA checking account.
Thanks! Is there an issue with Treasury Direct and the 17-digit versus 13-digit account number that I ran into when trying to get the Fidelity CMA to work with Remitly (Remitly worked with the 13-digit account number version that starts with 7710 but not the 17-digit account number version that starts with 39900000)?

I have everything linked to the Fidelity CMA for payments and it works great as I can also use it as a zero-based account ledger to make sure everything has cleared as intended, so I won't change those settings for now, but I can use the Fidelity brokerage account for the I Bonds given that is where the funds are actually kept, and where we would keep the proceeds at redemption.

Joe
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Re: Fidelity as a one stop shop

Post by nalor511 »

careerdata wrote: Sun Sep 18, 2022 5:26 pm
VictorStarr wrote: Sun Sep 18, 2022 3:31 pm
careerdata wrote: Sun Sep 18, 2022 2:55 pm
Thank you to you and anon-investor for your suggestions! I think we will keep both BoA and Fidelity for the long-term but if we started with the Fidelity CMA as the initial bank account are there any issues with having the CMA with no funding and the overdraft set up to pull from our Fidelity brokerage account, where we have both our paychecks directly deposited to?

We have the banking EFT connection currently set up between our BoA checking account and our Fidelity brokerage account, so I think it would be relatively straightforward to move $20k from the $50k that we have with Merrill Edge to our BoA checking, and then push the $20k to our Fidelity brokerage account, with the hope that the overdraft feature in the Fidelity CMA would pull the $20k from the Fidelity brokerage account when we purchase the I Bonds. My wife said she was O.K. with us not getting to the Platinum level just yet on the BoA rewards program, with the goal to get there in the future, in order for us to get some experience with I Bonds.

Or does Treasury Direct not like working with CMA accounts such that it be better to link the Fidelity brokerage account instead of the CMA, since that is where the money to pay for the I Bonds, and where the funds when the bonds are ultimately redeemed, would go anyways?

Joe
You certainly can link your Fidelity brokerage to the Treasury Direct account. I do not see any benefit of using an intermediate CMA account. For ACH transfers both Fidelity brokerage and CMA are treated as checking accounts.
I personally use a brokerage account for the bulk of cash management activity (direct deposit, bill pay, direct debit) and CMA only for ATM, check writing and fintech apps.
I would connect the Fidelity account to Treasury Direct because you can keep your Fidelity account as long as you want while you have to maintain a minimum balance (or direct deposit) at the BoA checking account.
Thanks! Is there an issue with Treasury Direct and the 17-digit versus 13-digit account number that I ran into when trying to get the Fidelity CMA to work with Remitly (Remitly worked with the 13-digit account number version that starts with 7710 but not the 17-digit account number version that starts with 39900000)?

I have everything linked to the Fidelity CMA for payments and it works great as I can also use it as a zero-based account ledger to make sure everything has cleared as intended, so I won't change those settings for now, but I can use the Fidelity brokerage account for the I Bonds given that is where the funds are actually kept, and where we would keep the proceeds at redemption.

Joe
If you have everything linked to the CMA, I would link TD to the CMA, with the short account number
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VictorStarr
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Re: Fidelity as a one stop shop

Post by VictorStarr »

nalor511 wrote: Sun Sep 18, 2022 5:28 pm
careerdata wrote: Sun Sep 18, 2022 5:26 pm
VictorStarr wrote: Sun Sep 18, 2022 3:31 pm
careerdata wrote: Sun Sep 18, 2022 2:55 pm
Thank you to you and anon-investor for your suggestions! I think we will keep both BoA and Fidelity for the long-term but if we started with the Fidelity CMA as the initial bank account are there any issues with having the CMA with no funding and the overdraft set up to pull from our Fidelity brokerage account, where we have both our paychecks directly deposited to?

We have the banking EFT connection currently set up between our BoA checking account and our Fidelity brokerage account, so I think it would be relatively straightforward to move $20k from the $50k that we have with Merrill Edge to our BoA checking, and then push the $20k to our Fidelity brokerage account, with the hope that the overdraft feature in the Fidelity CMA would pull the $20k from the Fidelity brokerage account when we purchase the I Bonds. My wife said she was O.K. with us not getting to the Platinum level just yet on the BoA rewards program, with the goal to get there in the future, in order for us to get some experience with I Bonds.

Or does Treasury Direct not like working with CMA accounts such that it be better to link the Fidelity brokerage account instead of the CMA, since that is where the money to pay for the I Bonds, and where the funds when the bonds are ultimately redeemed, would go anyways?

Joe
You certainly can link your Fidelity brokerage to the Treasury Direct account. I do not see any benefit of using an intermediate CMA account. For ACH transfers both Fidelity brokerage and CMA are treated as checking accounts.
I personally use a brokerage account for the bulk of cash management activity (direct deposit, bill pay, direct debit) and CMA only for ATM, check writing and fintech apps.
I would connect the Fidelity account to Treasury Direct because you can keep your Fidelity account as long as you want while you have to maintain a minimum balance (or direct deposit) at the BoA checking account.
Thanks! Is there an issue with Treasury Direct and the 17-digit versus 13-digit account number that I ran into when trying to get the Fidelity CMA to work with Remitly (Remitly worked with the 13-digit account number version that starts with 7710 but not the 17-digit account number version that starts with 39900000)?

I have everything linked to the Fidelity CMA for payments and it works great as I can also use it as a zero-based account ledger to make sure everything has cleared as intended, so I won't change those settings for now, but I can use the Fidelity brokerage account for the I Bonds given that is where the funds are actually kept, and where we would keep the proceeds at redemption.

Joe
If you have everything linked to the CMA, I would link TD to the CMA, with the short account number
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

VictorStarr wrote: Sun Sep 18, 2022 10:38 pm
nalor511 wrote: Sun Sep 18, 2022 5:28 pm
careerdata wrote: Sun Sep 18, 2022 5:26 pm
VictorStarr wrote: Sun Sep 18, 2022 3:31 pm
careerdata wrote: Sun Sep 18, 2022 2:55 pm
Thank you to you and anon-investor for your suggestions! I think we will keep both BoA and Fidelity for the long-term but if we started with the Fidelity CMA as the initial bank account are there any issues with having the CMA with no funding and the overdraft set up to pull from our Fidelity brokerage account, where we have both our paychecks directly deposited to?

We have the banking EFT connection currently set up between our BoA checking account and our Fidelity brokerage account, so I think it would be relatively straightforward to move $20k from the $50k that we have with Merrill Edge to our BoA checking, and then push the $20k to our Fidelity brokerage account, with the hope that the overdraft feature in the Fidelity CMA would pull the $20k from the Fidelity brokerage account when we purchase the I Bonds. My wife said she was O.K. with us not getting to the Platinum level just yet on the BoA rewards program, with the goal to get there in the future, in order for us to get some experience with I Bonds.

Or does Treasury Direct not like working with CMA accounts such that it be better to link the Fidelity brokerage account instead of the CMA, since that is where the money to pay for the I Bonds, and where the funds when the bonds are ultimately redeemed, would go anyways?

Joe
You certainly can link your Fidelity brokerage to the Treasury Direct account. I do not see any benefit of using an intermediate CMA account. For ACH transfers both Fidelity brokerage and CMA are treated as checking accounts.
I personally use a brokerage account for the bulk of cash management activity (direct deposit, bill pay, direct debit) and CMA only for ATM, check writing and fintech apps.
I would connect the Fidelity account to Treasury Direct because you can keep your Fidelity account as long as you want while you have to maintain a minimum balance (or direct deposit) at the BoA checking account.
Thanks! Is there an issue with Treasury Direct and the 17-digit versus 13-digit account number that I ran into when trying to get the Fidelity CMA to work with Remitly (Remitly worked with the 13-digit account number version that starts with 7710 but not the 17-digit account number version that starts with 39900000)?

I have everything linked to the Fidelity CMA for payments and it works great as I can also use it as a zero-based account ledger to make sure everything has cleared as intended, so I won't change those settings for now, but I can use the Fidelity brokerage account for the I Bonds given that is where the funds are actually kept, and where we would keep the proceeds at redemption.

Joe
If you have everything linked to the CMA, I would link TD to the CMA, with the short account number
+1
+2.
Investment101
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Re: Fidelity as a one stop shop

Post by Investment101 »

Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
I switched several years back, so I'm less familiar with any issues Vanguard might have had in recent years. I never had any problems at Vanguard.
I miss Vanguards better (high yielding / lower fee) money market funds. I enjoy the ability to use FIdelity (CMA) like a bank-account.
I also miss the traditional "mutual fund only" accounts at Vanguard, I didn't have need of using a brokerage account when using Vanguard funds- but Vanguard ended that.
The primary reason I went to Fidelity is that's where my former employer's 401k plan was, and they made it extremely easy to directly roll the funds into a Rollover IRA/Roth IRA with them if I stayed in-house (if I went elsewhere it would have had to go through a check being mailed out.)
Customer service at Fidelity is great (but I have Private Client status which may impact the service level I get.)
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
homebuyer6426
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Re: Fidelity as a one stop shop

Post by homebuyer6426 »

Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
Satisfied, the only major issue was with their 2% cash back credit card, that they delegate to a 3rd party. Tried twice and kept getting fraud cancellations. Searched and found many people get it cancelled often due to poor fraud detection algorithms compared to other credit card companies. Decided I didn't need it that much and stopped trying.
43% Total Stock Market | 53% Consumer Staples | 4% Short Term Reserves
mongstradamus
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Re: Fidelity as a one stop shop

Post by mongstradamus »

I have been wondering about fidelity long time to clear deposits are all mutual funds like that are vs guard and Schwab at least a week to wait before cash can be settled.

I still can’t buy any treasuries yet due to time it takes for cash to settle. They require cash to be settled to buy.
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Leif
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Re: Fidelity as a one stop shop

Post by Leif »

Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
I use to have accounts at both for a long time. However, Vanguard has went down so much in customer service I decided to move my Vanguard accounts to Fidelity. The only thing I feel a bit surprised is how nice it is to have a single place to look at for my portfolio.
nalor511
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Re: Fidelity as a one stop shop

Post by nalor511 »

Leif wrote: Tue Sep 20, 2022 12:16 pm
Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
I use to have accounts at both for a long time. However, Vanguard has went down so much in customer service I decided to move my Vanguard accounts to Fidelity. The only think I feel a bit surprised is how nice it is to have a single place to look at for my portfolio.
Ditto. I also recently had to move a chunk of MF shares back to VG so that I could convert them to ETF. The experience, and lack of any ability to contact customer support in a timely manner, really underlines how great of a decision it was to leave Vanguard. Both Schwab and Fidelity have far, far superior customer support that you can actually contact.
rgs92
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Re: Fidelity as a one stop shop

Post by rgs92 »

homebuyer6426 wrote: Tue Sep 20, 2022 8:39 am
Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
Satisfied, the only major issue was with their 2% cash back credit card, that they delegate to a 3rd party. Tried twice and kept getting fraud cancellations. Searched and found many people get it cancelled often due to poor fraud detection algorithms compared to other credit card companies. Decided I didn't need it that much and stopped trying.
These banks have credit cards with the same 2% reward:
Wells fargo; Comenity-Amex; Citibank Double Cash.
homebuyer6426
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Re: Fidelity as a one stop shop

Post by homebuyer6426 »

rgs92 wrote: Tue Sep 20, 2022 1:56 pm These banks have credit cards with the same 2% reward:
Wells fargo; Comenity-Amex; Citibank Double Cash.
Thank you :sharebeer
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mongstradamus
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Re: Fidelity as a one stop shop

Post by mongstradamus »

Something I found interesting today Fdlxx the treasury only money market fund now has yield higher than both settlement accounts available at fidelity. It’s still not as high as the prime money market fund but it’s inching closer maybe with state tax exempt and being relatively safer than money market fund it could be a good option for some people.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

homebuyer6426 wrote: Tue Sep 20, 2022 8:39 am
Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
Satisfied, the only major issue was with their 2% cash back credit card, that they delegate to a 3rd party. Tried twice and kept getting fraud cancellations. Searched and found many people get it cancelled often due to poor fraud detection algorithms compared to other credit card companies. Decided I didn't need it that much and stopped trying.
I'm curious, were your problems with the card when it was a FIA card or now when it's managed by Elan. (US Bank)

"FIA Card Services was previously known as MBNA. However, after MBNA merged with Bank of America in 2006, the company changed its name to FIA Card Services. It is currently a wholly owned subsidiary of Bank of America.Jul 21, 2022."

We had many, many fraud problems with the FIA card. I don't recall similar fraud problems since it went to Elan. An example was a charge for cable service in Brazil. I called and was told it was a known fraud problem that had been going on for over a year, but yet here it was still happening.
homebuyer6426
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Re: Fidelity as a one stop shop

Post by homebuyer6426 »

heartwood wrote: Tue Sep 20, 2022 6:02 pm
homebuyer6426 wrote: Tue Sep 20, 2022 8:39 am
Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
Satisfied, the only major issue was with their 2% cash back credit card, that they delegate to a 3rd party. Tried twice and kept getting fraud cancellations. Searched and found many people get it cancelled often due to poor fraud detection algorithms compared to other credit card companies. Decided I didn't need it that much and stopped trying.
I'm curious, were your problems with the card when it was a FIA card or now when it's managed by Elan. (US Bank)

"FIA Card Services was previously known as MBNA. However, after MBNA merged with Bank of America in 2006, the company changed its name to FIA Card Services. It is currently a wholly owned subsidiary of Bank of America.Jul 21, 2022."

We had many, many fraud problems with the FIA card. I don't recall similar fraud problems since it went to Elan. An example was a charge for cable service in Brazil. I called and was told it was a known fraud problem that had been going on for over a year, but yet here it was still happening.
Elan. There have been a couple threads here full of people complaining their card gets deactivated several times a year. Not sure exactly what is causing the problem to be honest with you, but my 3 Bank of America cards haven't had any issues in almost a decade. I'm no big fan of BoA, but no complaints regarding their credit cards here.
43% Total Stock Market | 53% Consumer Staples | 4% Short Term Reserves
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

My "issues" with the Elan card is they dropped rental car CDW, and I found 2% on "everything" didn't work out as well as other cards that offered better on based on my largest spending categories (i.e. 4% on gas, 3% on dining & travel... Costco card, which still offers CDW).
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
chassis
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Re: Fidelity as a one stop shop

Post by chassis »

homebuyer6426 wrote: Wed Sep 21, 2022 7:12 am
heartwood wrote: Tue Sep 20, 2022 6:02 pm
homebuyer6426 wrote: Tue Sep 20, 2022 8:39 am
Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
Satisfied, the only major issue was with their 2% cash back credit card, that they delegate to a 3rd party. Tried twice and kept getting fraud cancellations. Searched and found many people get it cancelled often due to poor fraud detection algorithms compared to other credit card companies. Decided I didn't need it that much and stopped trying.
I'm curious, were your problems with the card when it was a FIA card or now when it's managed by Elan. (US Bank)

"FIA Card Services was previously known as MBNA. However, after MBNA merged with Bank of America in 2006, the company changed its name to FIA Card Services. It is currently a wholly owned subsidiary of Bank of America.Jul 21, 2022."

We had many, many fraud problems with the FIA card. I don't recall similar fraud problems since it went to Elan. An example was a charge for cable service in Brazil. I called and was told it was a known fraud problem that had been going on for over a year, but yet here it was still happening.
Elan. There have been a couple threads here full of people complaining their card gets deactivated several times a year. Not sure exactly what is causing the problem to be honest with you, but my 3 Bank of America cards haven't had any issues in almost a decade. I'm no big fan of BoA, but no complaints regarding their credit cards here.
What does “deactivated” mean? The card is blocked until you call the fraud prevention department?
homebuyer6426
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Re: Fidelity as a one stop shop

Post by homebuyer6426 »

chassis wrote: Wed Sep 21, 2022 9:31 am
homebuyer6426 wrote: Wed Sep 21, 2022 7:12 am
heartwood wrote: Tue Sep 20, 2022 6:02 pm
homebuyer6426 wrote: Tue Sep 20, 2022 8:39 am
Investment101 wrote: Tue Sep 20, 2022 8:19 am Hi just found this thread, for people that have switched from vanguard to fidelity, how do you like it? pros/cons of switching over? (I just buy and hold for long term)
Satisfied, the only major issue was with their 2% cash back credit card, that they delegate to a 3rd party. Tried twice and kept getting fraud cancellations. Searched and found many people get it cancelled often due to poor fraud detection algorithms compared to other credit card companies. Decided I didn't need it that much and stopped trying.
I'm curious, were your problems with the card when it was a FIA card or now when it's managed by Elan. (US Bank)

"FIA Card Services was previously known as MBNA. However, after MBNA merged with Bank of America in 2006, the company changed its name to FIA Card Services. It is currently a wholly owned subsidiary of Bank of America.Jul 21, 2022."

We had many, many fraud problems with the FIA card. I don't recall similar fraud problems since it went to Elan. An example was a charge for cable service in Brazil. I called and was told it was a known fraud problem that had been going on for over a year, but yet here it was still happening.
Elan. There have been a couple threads here full of people complaining their card gets deactivated several times a year. Not sure exactly what is causing the problem to be honest with you, but my 3 Bank of America cards haven't had any issues in almost a decade. I'm no big fan of BoA, but no complaints regarding their credit cards here.
What does “deactivated” mean? The card is blocked until you call the fraud prevention department?
In my case they completely closed the credit card account without any communication. It disappeared from my Fidelity.com dashboard. I then called them to see why it wasn't working, was transferred to a bunch of people who didn't really seem to know what they were doing and couldn't answer my questions on why the card was cancelled. Then they gave me the fraud department number to call which had limited hours and wouldn't be open for a few days. I already have a 1-3% card, and read the thread about many people encountering similar problems, so I decided to let it go.
43% Total Stock Market | 53% Consumer Staples | 4% Short Term Reserves
careerdata
Posts: 332
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Re: Fidelity as a one stop shop

Post by careerdata »

anon_investor wrote: Sun Sep 18, 2022 10:40 pm
VictorStarr wrote: Sun Sep 18, 2022 10:38 pm
nalor511 wrote: Sun Sep 18, 2022 5:28 pm
careerdata wrote: Sun Sep 18, 2022 5:26 pm
VictorStarr wrote: Sun Sep 18, 2022 3:31 pm

You certainly can link your Fidelity brokerage to the Treasury Direct account. I do not see any benefit of using an intermediate CMA account. For ACH transfers both Fidelity brokerage and CMA are treated as checking accounts.
I personally use a brokerage account for the bulk of cash management activity (direct deposit, bill pay, direct debit) and CMA only for ATM, check writing and fintech apps.
I would connect the Fidelity account to Treasury Direct because you can keep your Fidelity account as long as you want while you have to maintain a minimum balance (or direct deposit) at the BoA checking account.
Thanks! Is there an issue with Treasury Direct and the 17-digit versus 13-digit account number that I ran into when trying to get the Fidelity CMA to work with Remitly (Remitly worked with the 13-digit account number version that starts with 7710 but not the 17-digit account number version that starts with 39900000)?

I have everything linked to the Fidelity CMA for payments and it works great as I can also use it as a zero-based account ledger to make sure everything has cleared as intended, so I won't change those settings for now, but I can use the Fidelity brokerage account for the I Bonds given that is where the funds are actually kept, and where we would keep the proceeds at redemption.

Joe
If you have everything linked to the CMA, I would link TD to the CMA, with the short account number
+1
+2.
Thank you! My week got away from me due to deadlines at work so I was not able to sign up with TD and make the $10k I Bond purchase for me as well as for my wife until last night. I connected TD to the Fidelity CMA using the 13-digit account number version as opposed to the 17-digit number. I have the overdraft setting active to link the Fidelity CMA to our Fidelity brokerage account. The Fidelity brokerage account currently has approximately $40k split between SPAXX and SPRXX so I don't think there should be an issue of funds not being available. I did not have a chance to convert the $20k of funds that I pulled from our BoA Merrill Edge account last week from SPAXX to SPRXX.

I was trying to avoid Harry Sit's recommendation not to get too close to the end of a month to make an I Bond purchase but, due to my delay in setting up the TD accounts, one or more of the purchases may push into October if there are any issues with either of our accounts. TD converted the purchase date of 9/23 that I requested to Monday, 9/26, as that is the next business day available to make the purchase. We will just have to see how it all works next week.

With the big move over the last two months of all our banking from BoA to Fidelity, and having the funds we use to pay bills now earning 2% interest in SPRXX as opposed to 0% interest with BoA checking, I am curious about how close I can get to the due dates on the credit cards before paying them. With BoA as our checking account to pay bills I usually paid all the credit cards on the same day each month to make things easier as there was no interest at BoA being lost by doing that. Our Fidelity credit bill due on 10/3 is larger than normal because it has many expenses tied to my wife's upcoming trip to the Philippines on it. How close can I cut it to 10/3 to maximize the interest being earned in SPRXX in the Fidelity brokerage account and still make sure the credit card payment is credited correctly at Fidelity? For the non-Fidelity credit cards do I need to allow for time before the due date than with the Fidelity credit card?

Joe
HomeStretch
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Re: Fidelity as a one stop shop

Post by HomeStretch »

Any feedback on a Fidelity Business CMA?

I am considering moving my partnership’s checking account to a Fidelity CMA. For the CMA, I need:
- mobile check deposit,
- to write an occasional check,
- ability to link the account to fund contributions to my E-Trade Solo 401k plan,
- direct deposit/credit for tax payments and
- Bill Pay for a monthly credit card payment

My business accounts at two local banks (one was a test drive) are sub-par due to increases in the minimum balances required to have “free” non-interest bearing accounts. Plus the cost of ordering initial checks for one account is $65.

Thanks for any feedback.
chassis
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Re: Fidelity as a one stop shop

Post by chassis »

HomeStretch wrote: Sat Sep 24, 2022 4:58 pm Any feedback on a Fidelity Business CMA?

I am considering moving my partnership’s checking account to a Fidelity CMA. For the CMA, I need:
- mobile check deposit,
- to write an occasional check,
- ability to link the account to fund contributions to my E-Trade Solo 401k plan,
- direct deposit/credit for tax payments and
- Bill Pay for a monthly credit card payment

My business accounts at two local banks (one was a test drive) are sub-par due to increases in the minimum balances required to have “free” non-interest bearing accounts. Plus the cost of ordering initial checks for one account is $65.

Thanks for any feedback.
Yes, Business CMA is good medicine at FIdelity.

Yes mobile check deposit.
Yes check writing.
Yes account linking
Yes direct deposit
Probably yes bill pay, I don't use this.

Banks and credit unions are antiquated institutions. I don't see any advantages of a bank or credit union vs Fidelity.
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anon_investor
Posts: 15122
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Re: Fidelity as a one stop shop

Post by anon_investor »

careerdata wrote: Sat Sep 24, 2022 1:47 pm
anon_investor wrote: Sun Sep 18, 2022 10:40 pm
VictorStarr wrote: Sun Sep 18, 2022 10:38 pm
nalor511 wrote: Sun Sep 18, 2022 5:28 pm
careerdata wrote: Sun Sep 18, 2022 5:26 pm

Thanks! Is there an issue with Treasury Direct and the 17-digit versus 13-digit account number that I ran into when trying to get the Fidelity CMA to work with Remitly (Remitly worked with the 13-digit account number version that starts with 7710 but not the 17-digit account number version that starts with 39900000)?

I have everything linked to the Fidelity CMA for payments and it works great as I can also use it as a zero-based account ledger to make sure everything has cleared as intended, so I won't change those settings for now, but I can use the Fidelity brokerage account for the I Bonds given that is where the funds are actually kept, and where we would keep the proceeds at redemption.

Joe
If you have everything linked to the CMA, I would link TD to the CMA, with the short account number
+1
+2.
Thank you! My week got away from me due to deadlines at work so I was not able to sign up with TD and make the $10k I Bond purchase for me as well as for my wife until last night. I connected TD to the Fidelity CMA using the 13-digit account number version as opposed to the 17-digit number. I have the overdraft setting active to link the Fidelity CMA to our Fidelity brokerage account. The Fidelity brokerage account currently has approximately $40k split between SPAXX and SPRXX so I don't think there should be an issue of funds not being available. I did not have a chance to convert the $20k of funds that I pulled from our BoA Merrill Edge account last week from SPAXX to SPRXX.

I was trying to avoid Harry Sit's recommendation not to get too close to the end of a month to make an I Bond purchase but, due to my delay in setting up the TD accounts, one or more of the purchases may push into October if there are any issues with either of our accounts. TD converted the purchase date of 9/23 that I requested to Monday, 9/26, as that is the next business day available to make the purchase. We will just have to see how it all works next week.

With the big move over the last two months of all our banking from BoA to Fidelity, and having the funds we use to pay bills now earning 2% interest in SPRXX as opposed to 0% interest with BoA checking, I am curious about how close I can get to the due dates on the credit cards before paying them. With BoA as our checking account to pay bills I usually paid all the credit cards on the same day each month to make things easier as there was no interest at BoA being lost by doing that. Our Fidelity credit bill due on 10/3 is larger than normal because it has many expenses tied to my wife's upcoming trip to the Philippines on it. How close can I cut it to 10/3 to maximize the interest being earned in SPRXX in the Fidelity brokerage account and still make sure the credit card payment is credited correctly at Fidelity? For the non-Fidelity credit cards do I need to allow for time before the due date than with the Fidelity credit card?

Joe
I don't have the Fido CC, so someone else will need to answer on those points. When my CCs debit from my Fidelity CMA, they treat it like any other checking account. I think all my CCs, credit my payment on the date I have scheduled my payment, except for my BoA CCs. So for Amex, Chase, Citi, Discover, Barclays, (some others too), if I select a day as my scheduled payment, they will mark my account paid on that date, but the money will typically leave my Fido CMA the next business day. So for this CCs, I can schedule my payment on the due day and avoid issues. However, to be on the safe side, I usually schedule my payments either on the due day, or if the due date is on a weekend or bank holiday, 1 business day before. BoA, seems to credit my account 1-2 business days later and withdraw the money 1-2 business days after my scheduled date. For this reason, I usually schedule my BoA CC payments at least 3 business days in advance. My Wells Fargo serviced mortgage is auto paid from my Fido CMA, Wells Fargo always credits me on timely payment, and they always seem to debit my bank account 1 business day after the due date.
careerdata
Posts: 332
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Re: Fidelity as a one stop shop

Post by careerdata »

anon_investor wrote: Sat Sep 24, 2022 9:43 pm
careerdata wrote: Sat Sep 24, 2022 1:47 pm
anon_investor wrote: Sun Sep 18, 2022 10:40 pm
VictorStarr wrote: Sun Sep 18, 2022 10:38 pm
nalor511 wrote: Sun Sep 18, 2022 5:28 pm

If you have everything linked to the CMA, I would link TD to the CMA, with the short account number
+1
+2.
Thank you! My week got away from me due to deadlines at work so I was not able to sign up with TD and make the $10k I Bond purchase for me as well as for my wife until last night. I connected TD to the Fidelity CMA using the 13-digit account number version as opposed to the 17-digit number. I have the overdraft setting active to link the Fidelity CMA to our Fidelity brokerage account. The Fidelity brokerage account currently has approximately $40k split between SPAXX and SPRXX so I don't think there should be an issue of funds not being available. I did not have a chance to convert the $20k of funds that I pulled from our BoA Merrill Edge account last week from SPAXX to SPRXX.

I was trying to avoid Harry Sit's recommendation not to get too close to the end of a month to make an I Bond purchase but, due to my delay in setting up the TD accounts, one or more of the purchases may push into October if there are any issues with either of our accounts. TD converted the purchase date of 9/23 that I requested to Monday, 9/26, as that is the next business day available to make the purchase. We will just have to see how it all works next week.

With the big move over the last two months of all our banking from BoA to Fidelity, and having the funds we use to pay bills now earning 2% interest in SPRXX as opposed to 0% interest with BoA checking, I am curious about how close I can get to the due dates on the credit cards before paying them. With BoA as our checking account to pay bills I usually paid all the credit cards on the same day each month to make things easier as there was no interest at BoA being lost by doing that. Our Fidelity credit bill due on 10/3 is larger than normal because it has many expenses tied to my wife's upcoming trip to the Philippines on it. How close can I cut it to 10/3 to maximize the interest being earned in SPRXX in the Fidelity brokerage account and still make sure the credit card payment is credited correctly at Fidelity? For the non-Fidelity credit cards do I need to allow for time before the due date than with the Fidelity credit card?

Joe
I don't have the Fido CC, so someone else will need to answer on those points. When my CCs debit from my Fidelity CMA, they treat it like any other checking account. I think all my CCs, credit my payment on the date I have scheduled my payment, except for my BoA CCs. So for Amex, Chase, Citi, Discover, Barclays, (some others too), if I select a day as my scheduled payment, they will mark my account paid on that date, but the money will typically leave my Fido CMA the next business day. So for this CCs, I can schedule my payment on the due day and avoid issues. However, to be on the safe side, I usually schedule my payments either on the due day, or if the due date is on a weekend or bank holiday, 1 business day before. BoA, seems to credit my account 1-2 business days later and withdraw the money 1-2 business days after my scheduled date. For this reason, I usually schedule my BoA CC payments at least 3 business days in advance. My Wells Fargo serviced mortgage is auto paid from my Fido CMA, Wells Fargo always credits me on timely payment, and they always seem to debit my bank account 1 business day after the due date.
Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
boston10
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Re: Fidelity as a one stop shop

Post by boston10 »

careerdata wrote: Sun Sep 25, 2022 1:59 pm Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
I would just use Fidelity Bill Pay. If you are pushing payments from Fido then in my experience they always credit on the stated date. I have never had an exception to this and I pay bills to BoA, CapitalOne, Barclaycard, Amazon Prime Card and Verizon Card (Synchrony), Discover, Fidelity Visa, Citibank, Elan (local credit union), American Express, US Bank, 2 mortgages, a car payment, and a few pay-by-check payments to various things. It just works.

Granted, you can't schedule payments to be delivered on weekend days or holidays.
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heartwood
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Re: Fidelity as a one stop shop

Post by heartwood »

boston10 wrote: Sun Sep 25, 2022 2:39 pm
careerdata wrote: Sun Sep 25, 2022 1:59 pm Thank you! Just to be safe, I am going to use your "at least three business days prior to the due date" approach on both our Fidelity credit card (due 10/3) and our new BoA Customized Cash credit card (due 10/9), and then watch how quickly they clear out of the Fidelity CMA. I may be able to tighten it up a bit closer to the due date with more confidence after seeing how that works. I don't currently have any of our credit cards or rent on automatic bill pay yet as it takes just a few minutes each to pay from their respective sites as the Fidelity CMA information is now pre-loaded. I also use that opportunity to make sure there are no unexpected charges or fees hitting our cards.

Joe
I would just use Fidelity Bill Pay. If you are pushing payments from Fido then in my experience they always credit on the stated date. I have never had an exception to this and I pay bills to BoA, CapitalOne, Barclaycard, Amazon Prime Card and Verizon Card (Synchrony), Discover, Fidelity Visa, Citibank, Elan (local credit union), American Express, US Bank, 2 mortgages, a car payment, and a few pay-by-check payments to various things. It just works.

Granted, you can't schedule payments to be delivered on weekend days or holidays.
Here's something I posted above in this thread on 8/1/21

"Let me offer a PSA re Fidelity Bill Pay. In the Bill Pay Payment Center each payee has a small symbol to the right of the payee name: an envelope for a payment by USPS, or a lightning bolt for electronic (ACH) payment. You have no control over the method.

While Fidelity will mail a check it times to arrive by the Deliver Date, it has no control over the USPS handling. I learned that in Dec 2019 paying Wells Fargo to deliver by 12/29/19. I didn't realize it was a paper mailed check. It was sent well before the date; it arrived 1/7/20, within the mortgage payment window, but late for the 2019 tax year mortgage deduction, costing me nearly $1000 in taxes.

I have since changed that Delivery Date, but at some point after that Fidelity made Wells Fargo an ACH payment.

I too prefer to have a pull for most payments such as CC, utilities, etc, relying on the Payee to bear the risk. I never set it up for WF; maybe I should."

So Fido performed well, WF applied the payment when it got the check. I lost ~$1000 because of the USPS. And that was before covid.
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